Fired by UBS, Top Park City Broker Lands at Former Colleagues’ RIA
A ‘top’ Park City, Utah broker who had led a six-person $1.1 billion-AUM team has found a new home with a registered investment advisory firm after his termination by UBS.
The termination occurred April 19, although UBS filed the U5 notice with the Financial Industry Regulatory Authority on May 19, following a 30-day window that the regulator allows to give lawyers for the broker and firm time to negotiate the language.
The filing appears to reflect continued intolerance of large brokerage firms for operational infractions, particularly in the pandemic era as lawyers and compliance officials say firms have stepped up monitoring of broker emails among other issues.
For his part, Mintz claims that the wirehouse “never identified” the particular conduct that triggered the lost confidence, according to an addendum UBS included with its U5.
“Mr. Mintz denies engaging in conduct that would reasonably have caused UBS to have a ‘loss of confidence’ in his ability to continue in his role,” the U5 report notes. “Mr. Mintz intends to pursue all appropriate legal options with respect to his termination from UBS.”
Mintz on May 24 opened a Park City office for NewEdge Wealth, an RIA launched in December 2020 in Darien, Connecticut by former UBS brokers. He referred requests for comment to Chris Broussard, the chief marketing officer for EdgeCo., a 401(k) administrator and parent company for NewEdge. Broussard declined to comment beyond the U5 language.
A UBS spokesperson declined to comment.
Mintz has no other disclosures on his BrokerCheck record. The database shows he started his career at D.H. Blair & Co. in 1991, moved to Tucker Anthony in 1992 and then in 1996 shifted to Bear Stearns where he remained until joining UBS in 2008.
His former team was called Mogul Financial Group and also included two other senior advisors, according to a March 2020 advertorial that touted that they eat their own cooking when it comes to investment selection.
“If we’re not willing to put our money into it, we won’t put our clients’ money into it either,” Mintz said in the piece.
The two other senior advisors on the Mogul team remain at UBS, according to their BrokerCheck records.
NewEdge is led by Jeffrey Kobernick and Robert Sechan, who produced around $20 million in their previous 12 months, prior to leaving UBS, and were known as Turnstone Wealth Management.
The RIA was created in partnership with EdgeCo., which also owns broker-dealer Mid Atlantic Capital. In another UBS tie-in, EdgeCo. in 2020 bought Private Wealth Partners, an independent firm started by a former UBS private wealth executive.